政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/136055
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113648/144635 (79%)
Visitors : 51639052      Online Users : 601
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version
    政大典藏 > College of Commerce > Department of Finance > Theses >  Item 140.119/136055


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/136055


    Title: 家族企業董事會組成多元性對公司股利政策的影響
    The Diversity of The Board of Directors of a Family Business on Dividend Policies
    Authors: 陳怡璇
    Chen, Yi-Hsuan
    Contributors: 陳聖賢
    Chen, Sheng-Syan
    陳怡璇
    Chen, Yi-Hsuan
    Keywords: 董事會多元化
    家族企業
    股利決策
    代理問題
    所有權結構
    Board Diversity
    Family Business
    Dividend policy
    Agency Problem
    Ownership Structure
    Date: 2021
    Issue Date: 2021-07-03 00:43:00 (UTC+8)
    Abstract: 隨著近年來董事會多元化的議題受到廣泛關注，諸多學者紛紛投入相關研究，惟大多數都是專注討論單一多元化因子的影響，台灣企業大約有60%都是由家族主導，是台灣企業的特色之一，並且在公司決策上有舉足輕重的影響力。本文以多維度的多元化指數來探討公司股利決策，並將家族企業特性納入考量，以代理問題的角度討論家族企業如何影響股利政策，最後檢驗多元化指數和家族企業是否存在交互作用的關係。實證結果發現，多元化指數對現金股利發放率有正向影響，而家族企業支付較少現金股利，表示控制家族和少數股東之間存在嚴重代理問題，最後多元化指數和家族企業不存在交互作用關係。另外，現金流量權和控制權的偏離程度不會影響家族企業支付現金股利的多寡，但是與多元化指數存在交互作用關係，家族企業的現金流量權和控制權偏離程度愈小，董事會多元化程度愈高則發放愈多現金股利。
    The issue of board diversification has received widespread attention in recent years. There are many scholars have focused on board diversification. But most of them focus on discussing a single diversity factor. There are approximately 60% of family business in Taiwan. They have a huge influence on decision-making. Therefore, in this paper, we use a multidimensional measure of diversity and a family business factor on dividend policies. The empirical results show that the diversity index has a positive effect on cash dividend payout and family business pay less cash dividends. This means there is a serious agency problem between the controlling family and minority shareholders. Finally, there is no interaction relationship between diversity index and family business dummy variable. In addition, the separation of cash flow rights and control rights does not affect cash dividend payout in family business. But there is an interaction relationship with diversity index. The cash dividend payout will increase if the separation of cash flow rights and control rights is low and board diversification is high.
    Reference: 中文文獻：
    Hung, J. H., Wang, W. S., Li, I. C., Chen, H. J., & Chang, W. S. (2013). 經理人過度自信對企業發生財務危機之影響: 以家族企業特性為調節效果. 臺大管理論叢, 23(2), 65-96.
    Tsay, M. H., Weng, P. S., Wang, T. L., & Zhang, H. (2020). 家族企業與集團企業中董事會性別組成對公司的影響: 績效, 研發投資以及現金持有. 管理學報, 37(1), 35-68.
    丁媛(2018)。上市公司董事會多元化對現金股利政策的影響研究。山東財經大學碩士論文。
    王子綾（2018）。董監事性別組成與公司績效和創新活動之關聯性分析。國立中正大學經濟系國際經濟學研究所碩士論文，嘉義縣。
    王筠傑（2012）。獨立董事多樣性對於公司價值與風險影響之實證研究-以2008,2009,2010年為例。國立交通大學管理科學系所碩士論文，新竹市。
    江慧玲（2013）。董事會成員多元化對企業績效之影響-以人力資本為調節變項。國立中央大學人力資源管理研究所在職專班碩士論文，桃園縣。
    吳佳慧（2006）。金融機構之股權結構、董監事會特性與經營績效關聯性。國立成功大學會計學系碩博士班碩士論文，台南市。
    吳欣玫（2017）。董監事會職能與企業績效關聯性之研究。國立中央大學人力資源管理研究所碩士論文，桃園縣。
    侍台誠（1994）。董事會特性中家族因素與經營績效之實證研究─兼論法人董事的影響。國立臺灣大學會計學研究所碩士論文，台北市。
    周采儀（2014）。公司設置女性董監事之因素暨女性董監事與公司績效及股利政策關聯性。國立臺灣大學財務金融學研究所碩士論文，台北市。
    周哲綾（2015）。債權治理、董監事會特性與所有權結構對銀行經營績效及風險承擔之影響。國立臺灣大學財務金融學研究所碩士論文，台北市。
    林冶洋（2006）。銀行信用卡逾放比率之決定因素─以台灣之銀行為例。國立政治大學財政研究所碩士論文，台北市。
    林家舜（2010）。董監事會特性與公司經營績效之關聯性研究。國立高雄第一科技大學財務管理所碩士論文，高雄市。
    邵慶平, 周芳如, 曾冠樟, & 黃永吉（2016）。強化保護少數股東法制之研究。國家發展委員會委託研究計畫(編號：PG10501-0214)。臺北市：國發會。
    俞子平（2015）。董事會結構、董事會網絡關係對企業績效影響之研究。國立高雄應用科技大學高階經營管理研究所碩士在職專班碩士論文，高雄市。
    柯璟瑩（2003）。董事會特性、股權結構與負債關聯性之研究。國立中央大學企業管理研究所碩士論文，桃園縣。
    倪衍森, & 廖容岑. (2006). 家族企業負債代理成本及股利政策之研究-以台灣上市公司為例. 管理與系統, 13(2), 153-179.
    張力, 蔡函芳, 林翠蓉, 王禹軒, & 洪榮華. (2013). 家族企業特性與經理人過度自信對其舉債決策之影響. 中山管理評論, 21(1), 123-163.
    張雅琳（2004）。我國企業獨立董事機制與經營績效之關聯性研究。大葉大學會計資訊學系碩士班碩士論文，彰化縣。
    陳主原（2015）。台灣企業董事長年齡決定因素及其對公司決策之影響。國立臺灣大學財務金融學研究所碩士論文，台北市。
    陳怡君（2017）。獨立董事獨立嗎？由董事會獨立性、獨立董事任期與公司經營績效 看臺灣獨立董事制度。國立交通大學管理學院經營管理學程碩士論文，新竹市。
    陳松山（2007）。董事會組成與企業價值關係之研究~以台灣高科技產業為例。國立中正大學企業管理所碩士論文，嘉義縣。
    陳姵秀（2017）。董事會組成、獨立董事特質與公司績效之關聯性-以台灣電子產業為例。國立中正大學會計與資訊科技研究所碩士論文，嘉義縣。
    陳喬宣（2012）。家族企業對董事會獨立性之弱化影響。國立臺灣大學會計學研究所碩士論文，台北市。
    陳榕渝（2017）。董事會獨立性如何影響公司決策：比較家族企業與非家族企業。國立彰化師範大學財務金融技術學系碩士論文，彰化縣。
    陳麗宇, & 賴蓉禾. (2013). 董事經驗對企業海外直接投資績效之影響-以美國企業國際併購宣告為例. 中山管理評論, 21(1), 199-237.
    辜珮莉（2008）。獨立董事制度與企業經營績效關聯性之研究。國立雲林科技大學會計系研究所碩士論文，雲林縣。
    楊欣如（2018）。董事會多元化對股利政策的影響。逢甲大學金融碩士在職學位學程碩士論文，台中市。
    楊馥瑄（2020）。董事會多元性對公司股利決策的影響。亞洲大學財務金融學系碩士論文，台中市。
    廖秀梅, 李建然, & 吳祥華. (2006). 董事會結構特性與公司績效關係之研究-兼論台灣家族企業因素的影響. 東吳經濟商學學報 (54), 117-160.
    趙怡祥（2020）。董事會多樣性、女性董事對公司績效之影響－以中國上市公司為例。中國文化大學財務金融學系碩士論文，台北市。
    趙夢璇（2019）。臺灣女性董事對員工分紅之影響。國立彰化師範大學財務金融技術學系碩士論文，彰化縣。
    潘薇琪（2020）。企業社會責任、女性董事與公司避稅之關聯性。國立臺北商業大學財務金融系（所）碩士論文，台北市。
    鄭雅琳（2013）。董事會在台灣家族企業的現金股利支付政策所扮演的角色。靜宜大學財務金融學系碩士論文，台中市。
    閻紹平（2012）。獨立董事、資訊透明度與公司績效之研究－ 台灣上市櫃公司之實證分析。世新大學財務金融學研究所(含碩專班)碩士論文，臺北市。
    簡汎諺（2021）。探討台灣家族企業與非家族企業上市公司之股利政策。國立彰化師範大學財務金融技術學系碩士論文，彰化縣。
    簡棕葳（2020）。董事會會議次數、股權結構與公司績效之關聯性研究。國立臺北商業大學財務金融系（所）碩士論文，台北市。
    魏瑛真（2013）。台灣上市公司女性董事對公司績效之影響。國立屏東科技大學企業管理系所碩士論文，屏東縣。

    英文文獻：
    Adams, R. B., & Ferreira, D. (2004). Gender diversity in the boardroom. European Corporate Governance Institute, Finance Working Paper, 57, 30.
    Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291-309.
    Adjaoud, F., & Ben‐Amar, W. (2010). Corporate governance and dividend policy: shareholders’ protection or expropriation?. Journal of Business Finance & Accounting, 37(5‐6), 648-667.
    Al-Najjar, B., & Kilincarslan, E. (2016). The effect of ownership structure on dividend policy: evidence from Turkey. Corporate Governance: The International Journal of Business in Society.
    Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68(2), 263-285.
    Bebchuk, L. A., Kraakman, R., & Triantis, G. (2000). Stock pyramids, cross-ownership, and dual class equity: the mechanisms and agency costs of separating control from cash-flow rights. In Concentrated Corporate Ownership (pp. 295-318). University of Chicago Press.
    Bernile, G., Bhagwat, V., & Yonker, S. (2018). Board diversity, firm risk, and corporate policies. Journal of Financial Economics, 127(3), 588-612.
    Bhagat, S., & Black, B. (2001). The non-correlation between board independence and long-term firm performance. J. CorP. l., 27, 231.
    Bonn, I., Yoshikawa, T., & Phan, P. H. (2004). Effects of board structure on firm performance: A comparison between Japan and Australia. Asian Business & Management, 3(1), 105-125.
    Brammer, S., Millington, A., & Pavelin, S. (2007). Gender and ethnic diversity among UK corporate boards. Corporate Governance: An International Review, 15(2), 393-403.
    Campbell, K., & Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83(3), 435-451.
    Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33-53.
    Chen, H. L., & Hsu, W. T. (2009). Family ownership, board independence, and R&D investment. Family Business Review, 22(4), 347-362.
    Chen, Y. R., & Ho, C. Y. (2009). The impact of family control and board characteristics on corporate policies. 管理學報, 26(1), 1-16.
    Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81-112.
    Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The Journal of Finance, 57(6), 2741-2771.
    Clarke, D. C. (2006). The independent director in Chinese corporate governance. Del. J. Corp. L., 31, 125.
    Clarke, D. C. (2007). Three concepts of the independent director. Del. J. Corp. L., 32, 73.
    Dalziel, T., Gentry, R. J., & Bowerman, M. (2011). An integrated agency–resource dependence view of the influence of directors` human and relational capital on firms` R&D spending. Journal of Management Studies, 48(6), 1217-1242.
    Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650-659.
    Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102-111.
    Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88(2), 288-307.
    Farrell, K. A., & Hersch, P. L. (2005). Additions to corporate boards: The effect of gender. Journal of Corporate Finance, 11(1-2), 85-106.
    Fernandes, N. (2008). EC: Board compensation and firm performance: The role of “independent” board members. Journal of Multinational Financial Management, 18(1), 30-44.
    Fernández-Temprano, M. A., & Tejerina-Gaite, F. (2020). Types of director, board diversity and firm performance. Corporate Governance: The International Journal of Business in Society.
    Gallo, M. A., & Vilaseca, A. (1996). Finance in family business. Family Business Review, 9(4), 387-401.
    Gani, L., & Jermias, J. (2006). Investigating the effect of board independence on performance across different strategies. The International Journal of Accounting, 41(3), 295-314.
    González, M., Guzmán, A., Pombo, C., & Trujillo, M. A. (2014). Family involvement and dividend policy in closely held firms. Family Business Review, 27(4), 365-385.
    Harjoto, M. A., Laksmana, I., & wen Yang, Y. (2019). Board nationality and educational background diversity and corporate social performance. Corporate Governance: The International Journal of Business in Society.
    Harjoto, M., Laksmana, I., & Lee, R. (2015). Board diversity and corporate social responsibility. Journal of Business Ethics, 132(4), 641-660.
    Huang, S., & Hilary, G. (2018). Zombie board: Board tenure and firm performance. Journal of Accounting Research, 56(4), 1285-1329.
    Huang, Y., Chen, A., & Kao, L. (2012). Corporate governance in Taiwan: The nonmonotonic relationship between family ownership and dividend policy. Asia Pacific Journal of Management, 29(1), 39-58.
    Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
    Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
    Ji, J., Peng, H., Sun, H., & Xu, H. (2021). Board tenure diversity, culture and firm risk: Cross-country evidence. Journal of International Financial Markets, Institutions and Money, 70, 101276.
    Jianakoplos, N. A., & Bernasek, A. (1998). Are women more risk averse?. Economic Inquiry, 36(4), 620-630.
    Jo, H., & Lee, J. (1996). The relationship between an entrepreneur`s background and performance in a new venture. Technovation, 16(4), 161-211.
    Johnson, S. G., Schnatterly, K., & Hill, A. D. (2013). Board composition beyond independence: Social capital, human capital, and demographics. Journal of Management, 39(1), 232-262.
    Kang, H., Cheng, M., & Gray, S. J. (2007). Corporate governance and board composition: Diversity and independence of Australian boards. Corporate Governance: An International Review, 15(2), 194-207.
    Kim, H., & Lim, C. (2010). Diversity, outside directors and firm valuation: Korean evidence. Journal of Business Research, 63(3), 284-291.
    Kor, Y. Y., & Sundaramurthy, C. (2009). Experience-based human capital and social capital of outside directors. Journal of Management, 35(4), 981-1006.
    La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517.
    La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. The Journal of Finance, 55(1), 1-33.
    Li, N., & Wahid, A. S. (2018). Director tenure diversity and board monitoring effectiveness. Contemporary Accounting Research, 35(3), 1363-1394.
    Liu, Y., Miletkov, M. K., Wei, Z., & Yang, T. (2015). Board independence and firm performance in China. Journal of Corporate Finance, 30, 223-244.
    Liu, Y., Wei, Z., & Xie, F. (2014). Do women directors improve firm performance in China?. Journal of Corporate Finance, 28, 169-184.
    Masulis, R. W., & Mobbs, S. (2014). Independent director incentives: Where do talented directors spend their limited time and energy?. Journal of Financial Economics, 111(2), 406-429.
    Midavaine, J., Dolfsma, W., & Aalbers, R. (2016). Board diversity and R & D investment. Management Decision.
    Mishra, C. S., & McConaughy, D. L. (1999). Founding family control and capital structure: The risk of loss of control and the aversion to debt. Entrepreneurship Theory and Practice, 23(4), 53-64.
    Mitton, T. (2004). Corporate governance and dividend policy in emerging markets. Emerging Markets Review, 5(4), 409-426.
    Morck, R., & Yeung, B. (2003). Agency problems in large family business groups. Entrepreneurship Theory and Practice, 27(4), 367-382.
    Mori, N. (2014). Directors` diversity and board performance: Evidence from East African microfinance institutions. Journal of African Business, 15(2), 100-113.
    Nguyen, T., Nguyen, A., Locke, S., & Reddy, K. (2017). Does the human capital of board directors add value to firms? Evidence from an Asian market. Cogent Economics & Finance, 5(1), 1385439.
    Papadimitri, P., Pasiouras, F., Tasiou, M., & Ventouri, A. (2020). The effects of board of directors’ education on firms’ credit ratings. Journal of Business Research, 116, 294-313.
    Pindado, J., Requejo, I., & de la Torre, C. (2012). Do family firms use dividend policy as a governance mechanism? Evidence from the Euro zone. Corporate Governance: An International Review, 20(5), 413-431.
    Rose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Corporate Governance: An International Review, 15(2), 404-413.
    Rosenstein, S., & Wyatt, J. G. (1990). Outside directors, board independence, and shareholder wealth. Journal of Financial Economics, 26(2), 175-191.
    Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research, 5(3), 249-259.
    Ryan Jr, H. E., & Wiggins III, R. A. (2004). Who is in whose pocket? Director compensation, board independence, and barriers to effective monitoring. Journal of Financial Economics, 73(3), 497-524.
    Sarhan, A. A., Ntim, C. G., & Al‐Najjar, B. (2019). Board diversity, corporate governance, corporate performance, and executive pay. International Journal of Finance & Economics, 24(2), 761-786.
    Setia-Atmaja, L. (2017). The impact of family control on dividend policy: Evidence from Indonesia. International Research Journal of Business Studies, 9(3), 147-156.
    Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737-783.
    Smith, N., Smith, V., & Verner, M. (2006). Do women in top management affect firm performance? A panel study of 2,500 Danish firms. International Journal of Productivity and Performance Management.
    Spence, M. (1978). Job market signaling. In Uncertainty in Economics (pp. 281-306). Academic Press.
    Vasilescu, B., Posnett, D., Ray, B., van den Brand, M. G., Serebrenik, A., Devanbu, P., & Filkov, V. (2015, April). Gender and tenure diversity in GitHub teams. In Proceedings of The 33rd Annual ACM Conference on Human Factors in Computing Systems (pp. 3789-3798).
    Wincent, J., Anokhin, S., & Örtqvist, D. (2010). Does network board capital matter? A study of innovative performance in strategic SME networks. Journal of Business Research, 63(3), 265-275.
    Yousaf, I., Ali, S., & Hassan, A. (2019). Effect of family control on corporate dividend policy of firms in Pakistan. Financial Innovation, 5(1), 1-13.
    Zahra, S. A., & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15(2), 291-334.
    Description: 碩士
    國立政治大學
    財務管理學系
    108357014
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0108357014
    Data Type: thesis
    DOI: 10.6814/NCCU202100580
    Appears in Collections:[Department of Finance] Theses

    Files in This Item:

    File Description SizeFormat
    701401.pdf2202KbAdobe PDF20View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback